Report: HSBC may buy Federated PCCMT portfolio

Federated Department Stores, which operates the Prime Credit Card Master Trust, may sell its credit-card portfolio, according to published reports. Competing news services reported that HSBC was a potential candidate to purchase the portfolio. Federated wants about $3 billion for the unit, which includes the Bloomingdale‘s and Burdines‘s proprietary credit cards and co-branded Visa cards. Federated has not securitized receivables from the PCCMT vehicle since November 2000. The company has retained Credit Suisse First Boston to handle a possible sale, the report added.